Tag: Elon Musk

Elon Musk’s new performance award deal with Tesla is a 10-year plan hinging on company performance. Beginning with $100 billion and ending with $650 billion, each time the company’s market capitalization increases by $50 billion, Musk will be awarded shares. Tesla said on Tuesday that it was …

Elon Musk’s new performance award deal with Tesla is a 10-year plan hinging on company performance. Beginning with $100 billion and ending with $650 billion, each time the company’s market capitalization increases by $50 billion, Musk will be awarded shares.

Teslasaid on Tuesday that it was introducing a set of targets for its chief executive to meet in order for him to receive future pay.

First off, Musk needs to increase the company’s market cap to $100bn.

To put those demands in perspective, the electric auto maker, based in Palo Alto, California, is worth less than $60 billion today. We are about to see a massive mobility revolution which Tesla is leading. The prototype of the truck has an impact-resistant glass, a streamlined cabin design and the ability to go from zero to 97 km/h within five seconds. In either case, all leadership must report to Musk.

MI doesn’t allow Tesla sales due to the fact that the company doesn’t employ traditional dealerships. Achieving this goal would make Tesla one of the most valuable companies in the world.

There are few who now expect Tesla to come close to meeting Musk’s original goal of producing 500,000 vehicles in Fremont this year. The company has now pushed that number back to June.

Musk has vast personal wealth. The compensation scheme could potentially rake in billions for Musk. To hit the final target Tesla will also have to hit sales and profits targets, including revenue of $175bn-a-year – which is more than General Motors’ sales. “Because all Tesla employees are provided equity, this also means that Elon’s compensation is tied to the success of everyone at Tesla“.

For hitting these goals, Musk would receive 1.69 million shares of the company (about 1 percent). This isn’t about Musk getting even more money, though that’s certainly important. At its current state, Tesla has already evolved into a company that not only makes cars; it also makes industry-changing energy solutions and with ambitions to create a fully autonomous ride-sharing network.

After setting all kinds of new trends as an eccentric CEO, Elon Musk is taking on a new battle of his own.

The move assures investors that Musk will lead Tesla through its next phase of rapid growth despite his many other commitments and interests. Over his career, he has been involved in four businesses with family members, and it’s clear his businesses regularly cross paths and transact with each other.

Should the shares continue their heady rise – they have climbed by a third in recent years – the payout will be much greater.

From electric cars to batteries and reusable rockets, he is currently chanelling a fair amount of energy into creating a series of London Underground-style networks of tunnels to help alleviate traffic in major cities. To build these tunnels, the billionaire even set up his own boring company called, ahem, the …

Elon Musk has a lot of fingers in a lot of pies.

From electric cars to batteries and reusable rockets, he is currently chanelling a fair amount of energy into creating a series of London Underground-style networks of tunnels to help alleviate traffic in major cities. To build these tunnels, the billionaire even set up his own boring company called, ahem, the Boring Company.

Musk was recently selling Boring Company hats to “fans” and took things a step further in December when he promised to add flamethrowers to his merch range. That’s right, actual flamethrowers.

“After [we sell] 50k [Boring Company] hats, we will start selling The Boring Company flamethrower,” he tweeted. Then, on Christmas Eve, after selling the required number of hats, Musk said the flamethrowers were coming “soon!”

Many thought this was a wind-up but it appears Musk is now making good on his, albeit strange, promise.

Musk founded the Boring Company last year after getting annoyed by traffic around LA. The company plans to build 30 layers of tunnels throughout the city and will use them to transport vehicles and pedestrians on super-fast electric “sleds”.

In a series of tweets announcing the project last year, Musk wrote: “Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…” before adding: “I am actually going to do this.” Musk then changed his Twitter bio to include: “Tunnels (yes, tunnels)”.

A top official at China’s largest rocket research and manufacturing institution said in a recent speech that what SpaceX has done makes him “feel old” and there is much to learn from the American space company. “SpaceX of the United States makes me very much admire them as they have …

A top official at China’s largest rocket research and manufacturing institution said in a recent speech that what SpaceX has done makes him “feel old” and there is much to learn from the American space company.

“SpaceX of the United States makes me very much admire them as they have accomplished so much with so few people,” Liang Xiaohong, deputy president of the China Academy of Launch Vehicle Technology, said during a recorded public speech in Beijing. “I feel old indeed, but (I also realize) that (the issue) is not being old or young, but if our system has the ability (to foster innovation). We must work hard to reform our system and mechanism so that the productive forces within our system can be fully explored.”

China lagged behind the U.S. and Russia in terms of the number of rockets launched in 2017. The U.S. completed 30 rocket launches in 2017, 18 of which were launched by SpaceX, more than twice the number of missions it conducted in 2016. China conducted 18 launches and Russia completed 19 in 2017.

But for 2018, Liang says China is targeting 35 launches, nearly double last year’s tally. China has already completed three rocket launches in ten days in January. Yet, Liang says he is not completely confident that his team can achieve the 35 launch target: “Because we still have many challenges including the high cost of rocket satellites, long launching cycles, insufficient staff, and in particular, unstable quality control.”

China has made the development of reusable rockets, something SpaceX has already achieved, a top priority for future rocket technology research, Liang said.

The country is also working on researching and developing sea launch technology, mixed-power rockets, and heavy-lift launch vehicles.

Liang also reviewed the failed launch of China’s Long March V rocket in July 2017. Taking ten years to build, the March V was China’s largest rocket ever, with eight 100-tonne engines and two 75-tonne engines igniting simultaneously to generate take-off thrust 1,064 tons. It could have increased China’s load carrying capacity from 10 tons to 25 tons for low orbit missions and and from 5 tons to 15 tons on high orbit missions.

“It was a rocket on which we had placed extremely important tasks and particularly high expectations, but it is such a pity that it failed, which has had immense adverse impacts on our follow-up work,” Liang said.

Not only did he go on a tour and meet Tesla’s top car designer, he also came face-to-face with CEO and co-founder Elon Musk. It all started when Chan’s close friend Alan Miller shared a post on a couple of Tesla (TSLA) forums earlier this month. “My best friend from medical school, Matthew Chan, is a …

Self-described Tesla superfan Matthew Chan always wanted to meet some of the key people behind the electric car maker.

And when the cancer patient’s wish came true this week with a visit to the company’s factory in California, he got even more than he bargained for.

Not only did he go on a tour and meet Tesla’s top car designer, he also came face-to-face with CEO and co-founder Elon Musk.

It all started when Chan’s close friend Alan Miller shared a post on a couple of Tesla(TSLA)forums earlier this month.

“My best friend from medical school, Matthew Chan, is a 39 year old radiologist in Sacramento with 3 kids who was just diagnosed with stage 4 colon cancer,” he wrote.

The post added that Chan, who owns two Teslas, dreamed of meeting JB Straubel, the company’s chief technology officer, and Franz von Holzhausen, its lead designer.

“Of course, I wanted to meet Elon, but I was interested in also talking to the guys who Elon goes to and says, ‘I need this done,'” Chan told CNNMoney in a phone interview Thursday.

“I can relate to people who are in that second-level role and are trusted to execute the boss’s vision,” Chan said, adding that he’s in a similar position in his job.

His friend’s post sparked an outpouring of support as other Tesla fanatics conspired to help make the meeting happen.

And when Chan — along with his sister, brother-and-law and Miller — arrived at Tesla’s factory in Fremont, California, on Wednesday, their visit turned out to be even more memorable than they were expecting.

It kicked off with a “VIP” factory tour and then an hour-long sit-down with von Holzhausen.

A Tesla spokesperson called the claims “extremely misinformed and misleading” in an email to Business Insider. Customer deliveries of the Model 3 have begun, but the “production hell” that CEO Elon Musk previously warned about is having a significant impact. Tesla missed its production targets in Q3 …

Tesla Model 3.Bryan Logan/Business Insider

More Tesla Model 3s are rolling into Tesla retail stores nationwide, but lingering production issues are hampering the company.

A CNBC report published Thursday alleged that part of the Model 3’s battery was being assembled by hand as recently as mid-December.

Customer deliveries are underway, but the “production hell” that CEO Elon Musk previously warned about is having a real impact.

Tesla missed its production targets in Q3 and Q4 2017, and cut its projections in half for the first quarter of 2018.

Tesla Model 3s are still rolling into the company’s retail stores nationwide even as Tesla deals with the fallout from new reports about production challenges at its Gigafactory battery plan in Nevada.

Model 3s began showing up at Tesla stores in Texas and Arizona among other places this week. The company brought the entry level luxury electric car to its showroom for the first time in Los Angeles and Palo Alto earlier this month.

A CNBC report published Thursday cited current and former Tesla employees who alleged that part of the Model 3’s batteries were being assembled by hand as recently as mid-December because of ongoing issues at the Gigafactory. A Tesla spokesperson called the claims “extremely misinformed and misleading” in an email to Business Insider.

Customer deliveries of the Model 3 have begun, but the “production hell” that CEO Elon Musk previously warned about is having a real impact.

Tesla missed its production targets in Q3 and Q4 2017, and cut its projections in half for the first quarter of 2018. The company had said last year that it expected to make 20,000 Model 3s per month by December 2017.

The Model 3 is Tesla’s first offering in the entry level luxury segment.

Despite the production challenges, Tesla set a sales record for 2017, delivering 101,312 Model S and Model X vehicles alone during the year. It was the first time Tesla crossed the 100,000-vehicles-sold benchmark in 14 years.